Uncertainty over the outlook due to the slowdown in emerging Asian economies, yen appreciation and the UK's EU withdrawal issue

「During the interim consolidated accounting period, Japan’s economy was expected to recover moderately due to improvements in employment and income conditions and the effects of various policies. However, the situation required close monitoring of the impact of heightened tensions in the Middle East and volatility in financial and capital markets.」

「During the first half of the fiscal year, continued geopolitical risks and growing uncertainty over the outlook due to higher US tariff rates made it necessary to continue closely monitoring price trends and volatility in international financial and capital markets against the backdrop of monetary and trade policies in various countries.」

「During the first 3 quarters of the fiscal year, although inflation rates declined from their previous levels, countries continued monetary tightening policies amid global inflationary pressure. The need to closely monitor price trends, developments in international financial and capital markets, and the impact of geopolitical risks on resource prices and other factors continued.」

「During the first 2 quarters of the fiscal year, the global economy continued to recover as normalization progressed through efforts to balance measures against COVID-19 with socioeconomic activity. However, the impact of global inflation, monetary tightening policies in various countries, geopolitical risks on raw material and material prices and supply chains, and a resurgence of COVID-19 continued to require close monitoring.」

「During the first quarter of the fiscal year, the global economy showed signs of recovery through efforts to balance measures against COVID-19 with socioeconomic activity, although conditions varied by country, region and industry. However, the impact of volatility in financial and capital markets and rising geopolitical tensions on raw material and material prices and supply chains continued to require close monitoring.」

「The global economy is expected to continue recovering from the downturn caused by COVID-19 as efforts to balance measures against COVID-19 with socioeconomic activity gain momentum. However, the need to closely monitor prolonged supply constraints, raw material and energy prices, rising prices and interest rates, and geopolitical risks is expected to continue.」

「During the first 3 quarters of the fiscal year, the global economy remained in a severe condition due to the impact of the COVID-19 pandemic. Meanwhile, signs of an economic recovery emerged as vaccinations progressed and economic activity resumed in Japan following the lifting of the state of emergency.」

「During the first 2 quarters of the fiscal year, the global economy remained in a severe condition due to the impact of the COVID-19 pandemic. Despite progress in vaccinations, concerns about the economic outlook continued as infections resurged amid the spread of variants.」

「During the first quarter of the fiscal year, the global economy deteriorated rapidly and entered an extremely severe phase due to the impact of voluntary restrictions on economic activity aimed at preventing the spread of COVID-19. In Japan, corporate earnings also declined rapidly as personal consumption and production fell, making it necessary to closely monitor the risk of a further downturn in the economy and volatility in financial and capital markets.」

「Japan's economy faces increasing uncertainty over the outlook due to trade issues and geopolitical risks in various countries, the impact of the UK's withdrawal from the EU on the European economy, and the spread of COVID-19.」

「In overseas economies, steady economic recovery continued in the United States, including increased consumption and capital investment, although signs of an economic slowdown were seen in China. Meanwhile, the outlook remained uncertain due to trade issues and volatility in financial and capital markets, among other factors.」

「In overseas economies, steady economic recovery continued in the United States, including increased consumption and capital investment, while signs of an economic slowdown were seen in China. The outlook remained uncertain due to trade issues and volatility in financial and capital markets, among other factors.」

「During the first 2 quarters of the fiscal year, Japan's economy required continued attention to the impact of uncertainty in overseas economies and volatility in financial markets, although corporate earnings and capital investment were improving and personal consumption continued to recover gradually.」

「During the fiscal year, Japan's economy saw corporate earnings improve gradually and personal consumption remain firm, although corporate capital investment lacked momentum. In addition, uncertainty about overseas economies caused by developments toward the UK's withdrawal from the European Union, slowing economic growth in emerging Asian economies and the impact of monetary policies in various countries left the outlook for the economy uncertain.」

「During the first 3 quarters of the fiscal year, Japan's economy was affected by a slowdown in economic growth in emerging Asian countries and elsewhere and a substantial appreciation of the yen, which put downward pressure on the economy. Although personal consumption remained firm, corporate capital investment lacked momentum and remained stagnant. In addition, uncertainty remained over the impact on the economy of the UK's withdrawal from the European Union (EU) and the monetary policies of various countries.」

「The economy showed signs of downward pressure from slower economic growth in emerging Asian economies and elsewhere and the sharp appreciation of the yen. Although private consumption remained flat, business capital investment lacked strength and the economy entered a period of stagnation. In addition, uncertainty about the economic outlook increased as the stock market became unstable due to issues including the UK's withdrawal from the European Union (EU).」